Milling & Baking News - September 21, 2010 - 53


Soy Products

Corn Products

Soy flour sales were steady last week,
but shipments were brisk and lead times
to deliver new orders stretched to two to
four weeks. Prices advanced although values for October delivery were well below
September due to lower basis levels, which
were pressured by the advancing soybean
harvest. Some Midwest processors began receiving new crop soybeans, but most continued to pull in limited old crop supply. Buying remained month to month with users
hoping for lower prices in coming months.
Soybean futures prices advanced on the
coattails of impressive gains in corn futures. Soybean values needed to stay competitive to ensure adequate 2011 acreage
since corn prices were at two-year highs
and cotton at 15-year highs. Also supportive were concerns a freeze in Canada
may reduce production of late-developing
canola and dryness in some of Brazil's
soybean areas. Limiting gains in soybeans
were slowing exports and the prospects of
a record-large U.S. crop with the harvest
getting under way in key states with early
yields better than expected.
Soybeans rated good to excellent in the
18 major states as of Sept. 12 were 63%,
down from 64% a week earlier and 68%
at the same time last year, the U.S.D.A.
said in its weekly Crop Progress report.
Thirty-eight per cent of the crop was
dropping leaves compared with 30% as
the 2005-09 average and 16% a year ago.
Net export sales of U.S. soybeans for
2010-11 during the week ended Sept. 9
at 668,600 tonnes were down 73% from a
week earlier, the U.S.D.A. said. Soybean
meal saw a net sales reduction for 200910 of 58,100 tonnes during the week, but
a sales gain of 123,300 tonnes for 2010-11,
which begins Oct. 1. MBN

Chicago corn and soy futures
Corn Futures
$ per bu
December
March
May
July
September
December
Soybeans
November
January
March
May
July
August
Soybean Meal
October
December
January
March
May
July

+35
+34½
+36
+35¾
+23½
+18½

+48¾
+48
+48¼
+46¾
+28¾
+20¼

3.18
3.31½
3.40½
3.49
3.57¼
3.67¼

+38
+38
+36¾
+36¾
+37
+37½

+34
+34½
+35¾
+37
+34¼
+33½

9.41
9.45¼
9.46½
9.43¾
9.44½
9.39

+13.50
+14.80
+15.10
+15.00
+15.70
+15.90

+3.30
+5.20
+6.40
+8.10
+9.40
+9.20

290.00
284.80
282.80
280.30
277.80
277.80

bakingbusiness.com / world-grain.com

during the week ended Sept. 9 totaled
584,200 tonnes, down 88% from a week earlier, the U.S.D.A. said. MBN

Oats
Bookings of food grade oats flakes increased with some buyers extending coverage through July 2011. Prices advanced
as oats futures followed sharp gains in
corn and on concerns about tighter supplies due to crop problems in Canada.
Millers' shipments were building with
the hot breakfast cereal season near.
Canada's grain harvest continued to
run behind the average pace. Scattered
freezes were reported across the Prairie
provinces, and a more widespread freeze
was forecast for the past weekend, potentially threatening this year's late-developing oats and other crops and likely
negatively affecting quality, the Canadian
Wheat Board said. The grain harvest (oats
and other crops) in Canada was about 23%
completed at last week's onset, compared
with 50% as the average for the date. MBN

Rice
Milled rice prices were unchanged last
week. Rice byproducts were mixed with
bran higher, hulls lower and millfeed steady
to stronger. U.S.D.A. world milled rice prices
for the 2010 crop advanced $0.95@1.34 a cwt.
Despite sharp declines Sept. 16, a
U.S.D.A. forecast for a record-large crop
and for ending stocks at the highest level
since 1985-86, rough rice futures advanced
on reports of lower-than-expected yields
and on spillover support from other grains.
The rice harvest passed the half-way
point at 54% completed in the six major
states as of Sept. 12, well ahead of 31% a
year ago and 34% as the 2005-09 average,
the U.S.D.A. said. MBN

Rice

Soy products

- Change from - Year
Sept. 17 Sept. 10 Sept. 3
ago
5.13¼
5.25¾
5.30¾
5.33¼
4.99¾
4.77¾
$ per bu
10.69
10.78¼
10.84¾
10.88¼
10.93¼
10.84¾
$ per ton
304.70
308.50
309.70
312.00
313.00
314.30

Bookings of corn meal products were
steady last week as rising prices kept
buyers mostly on the sidelines. Corn
mills ran about five to six days.
Corn futures prices staged an impressive rally to two-year highs last week.
Nearby December pushed above the
$5-a-bu resistance level, up about 7% for
the week and about 50% since late June.
Primary support came from fund buying
and lower-than-expected yields in earlyharvested corn, coming on the heels of
the U.S. Department of Agriculture's trimming of estimated 2010 U.S. corn production by 2% from August in its Sept. 10 Crop
Production report. A smaller crop may
further tighten 2010-11 U.S. corn ending
stocks, already projected to be the lowest
since 1995-96 when compared to total use.
With futures values above $5 a bu
through July 2011, corn values were well
above the U.S.D.A. average farm price
projection of $4@4.80 a bu for 2010-11.
Corn in the 18 major states was 11%
harvested as of Sept. 12, a week ahead of
normal (6% as the 2005-09 average for the
date) and well ahead of 3% a year ago, the
U.S.D.A. said in its weekly Crop Progress
report. The harvest was 18% completed in
Illinois, 13% in Indiana, 3% in Iowa, 2%
in Nebraska and 3% in Ohio, all of which
had no combining completed around
the same date a year ago. Scattered rain
across the Midwest slowed combines in
some areas last week.
Fifty-two per cent of the crop was
mature as of Sept. 12, far ahead of 12%
a year ago and 32% as the average. The
crop was rated 68% good to excellent,
down one percentage point from a week
ago and a year ago, the U.S.D.A. said.
Net export sales of U.S. corn for 2010-11

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Sept. 17
Sept. 10
Sept. 3
Soy flour
Bulk
22.00 @ 22.30 +.38@ +.03 -.39 @ -.11
Sacked
23.00 @ 24.30 +.38@ +.03 -.41 @ -.09

Corn meal
$ per cwt
Sept. 17
Chicago, bulk
17.00@ 20.30
Chicago, sacked 18.77@ 22.13
New York, bulk
18.67@ 22.03
New York, sacked 21.09@ 24.42

Ingredient Week

- Change from -
Sept. 10 Sept. 3
+.74@+.70 +1.02@+.95
+.74@+.70 +1.02@+.95
+.74@+.70 +1.02@+.95
+.74@+.70 +1.02@+.95

Oats
- Change from -
Minneapolis
Sept. 17 Sept. 10 Sept. 3
Food grade flakes, f.o.b.,
bagged, $ per cwt
29@29.50 +2.00
+3.00
Milling quality oats, No. 2 heavy,
$ per bu
3.56
+32c
+61c
Oat hulls, $ per ton
25@35
-
-

Offers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Sept. 17
Sept. 10 Sept. 3 ago
Long grain
18.50@20.00
-
- 23.50
Medium grain 25.50@28.00
-
- 31.50
Parboiled
21.50@26.00
-
- 27.50
Second
heads, bulk 16.00@17.00
-
- 18.00
Brewers
14.00@16.00 -1.00
-1.00 16.00
f.o.b. mills, $ per ton
Rice millfeed
25@27
- +3.00 33.00
Rice bran
70@80
+5.00 +10.00 85.00
Rice hulls
2@5
-3.00
-3.00 10.00
U.S.D.A. 2010 crop world price milled - $ per cwt
Long grain
16.56
+1.34 +1.34 17.18
Medium/short
grain
16.32
+1.34 +1.34 16.97
Broken
11.72
+0.95 +0.95 11.83
C.B.O.T. rough rice futures - $ per cwt
November
12.08
+0.29 +0.36 13.47
January
12.34
+0.28½ +0.36 13.71
March
12.60
+0.27½ +0.36 13.95
May
12.86½
+0.25 +0.36 14.20
Milling & Baking News September 21, 2010 / 53

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Milling & Baking News - September 21, 2010

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